2030 Comprehensive Plan Update, April 2024

Land Use

Enhance Affordability and Minimize Displacement

2020-level collections toward an Equity Fund. This fund will support affordable housing and equity programs dedicated to the BRT corridors. This strategy directly links the financial gain of private development to producing community benefits, further increasing access to opportunity created by the regional investment in transit.

A critical element of equitable development is to ensure that the benefits of the regional investment in transit are broadly shared so that people who rely on public transportation can maintain access to the service they need. Additionally, creating new and more affordable housing opportunities in transit-rich areas should be prioritized so that people who currently rely on public transportation can have the best access to the highest quality transit the city has to offer. Policy LU 4.11 Zoning for Affordable Housing Potential redevelopment projects that do not take advantage of the density bonus provided in the Equitable Transit Overlay District, and instead file a rezoning petition for increased land use intensity above what is entitled in the bonus, should include a comparable ratio of affordable housing units in residential projects through the offering of zoning conditions.

Action LU 4.5 Equitable Transit-oriented Development

Revise the existing Transit-oriented Development (TOD) overlay zoning designation to incorporate a zoning density bonus for affordable housing in mixed-use and residential developments.

Equity Fund The City of Raleigh will pledge a percentage of new tax revenue generated within each of the BRT corridors and in Downtown Raleigh toward an Equity Fund that will support affordable housing and other projects providing a community benefit. Proceeds from the fund will go toward a range of equity-related efforts, including affordable housing, addressing homelessness, support for community organizations, public art, pedestrian safety, and more. The Fund will provide ongoing revenues to fund many of the other tools identified in the ETOD policy toolkit by capturing value from increasing real estate values along the corridors. More specifically, these funds should be used on the following programs:

Policy LU 4.12 Housing Priority for Existing Residents

Give priority for new units in projects with city funding or on city-owned land to residents who are or have been displaced by rising housing costs in the area.

Policy LU 4.13 Land Acquisition for Affordable Housing

Acquire property near the BRT corridors for the development of new affordable housing.

• Land acquisition for affordable housing • Homeowner rehabilitation assistance • Anti-predatory purchase education

Action LU 4.4 Equity Fund

• Property tax assistance • Small business retention • Youth skills apprenticeships

Dedicate a percentage of property tax revenue generated by new and existing development within BRT corridors and in Downtown Raleigh above

3-29